Biden's IRA Spending and EV Plan: Britain's Response and Challenges
Britain will not replicate U.S. President Joe Biden's $369 billion green investment plan and will instead rely on existing policies to combat U.S. protectionism. The UK government will focus on reforms to its Contracts for Difference program, which supports private sector investment in renewable energy projects, rather than implementing new subsidies. The move has disappointed UK businesses calling for a more interventionist approach. The UK estimates it needs £50-60 billion of private sector investment annually to reach its net zero carbon emissions target by 2050.